By putting the OpenAI Private Markets Note on the Ondo Perps spot order book, Ondo Private Markets is in effect introducing economic exposure to an unlisted company into an on-chain secondary market in the form of a tokenized note, allowing qualified investors to buy, sell, and self-custody transfer it 7x24 without waiting for an IPO. The note's value is anchored to the realized value per share of the reference company's common stock, but it explicitly does not represent OpenAI shares or shareholder rights, and Ondo has no affiliation or endorsement relationship with OpenAI, so its pricing depends on the offering documents and market-making depth rather than actual equity. It is worth watching whether such products can form sustained liquidity among qualified investors, how the reference value adjusts with private-market valuations, and whether regulators tighten their characterization of tokenized private-equity exposure. If the model works, it could push more private-company exposure on-chain and intensify competition with existing RWA tracks such as tokenized stocks and tokenized U.S. Treasuries.
PANews, October 8 — Ondo's Ondo Private Markets announced that the **OpenAI Private Markets Note** is now trading on the Ondo Perps spot order book. Ondo Private Markets is dedicated to bringing economic exposure to private companies on-chain, offering tokenized notes to qualified investors, designed to provide economic exposure linked to the performance of leading private companies. The value of the OpenAI Private Markets Note is calculated based on the realized value per share of the reference company's common stock, as set forth in the note's offering documents.
This listing brings three core advantages. First, buy and sell anytime: from day one, it can be traded 7x24 on the Ondo Perps spot order book without waiting for the company to go public. Second, self-custody and free transferability: users can store the tokens in their own wallets and freely transfer them among qualified holders. Third, support from mature infrastructure: Ondo Private Markets is built by the same platform behind Ondo's tokenized stocks and tokenized U.S. Treasuries products, which has a total value locked (TVL) of $3.9 billion and more than 1 million holders.
The note does not represent shares or equity in OpenAI, and holders do not enjoy any shareholder rights in OpenAI. Ondo has no affiliation, partnership, or endorsement relationship with OpenAI.
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